Brands go broke in Greece
22.07.2011 2094

Brands go broke in Greece

Under the weight of the economic crisis and huge liquidity problems, companies are crumbling day after day in Greece, writes Immigrant Press.

Small and medium-sized businesses are primarily affected, but well-known brands are no exception. The company Lakis Gavalas, owned by the famous Greek fashion designer Lakis Gavalas, a few weeks ago, in accordance with the Bankruptcy Law Code, applied to the protection under 99 article in order to be able to manage its debts to creditors. A sharp drop in retail sales of clothes and shoes and poor financial management are considered the main reasons that led the famous fashion designer to such a development of events - a fact that impressed the Greeks: if the bankrupt is Gavalas, what about the rest ?!

The company Lakis Gavalas SA took over the Ministry of Economics, the Department of Economic Crimes: the company's debt on loans is 17,37 million euros, and the obligations on total payments to the state - 94,3 million euros.

The company, a pioneer of sales via the Internet, e-shop.gr, also applied for protection under 99. The same fate befell the famous and popular clothing and footwear companies Ridenco Commercial, Timberland, Nautica. In accordance with the state of the market, the situation will worsen if the liquidity problem is not eliminated as soon as possible.

Under the weight of the economic crisis and huge liquidity problems, companies are crumbling day after day in Greece, writes Immigrant Press.

Latest News

Aymod exhibition starts in Istanbul

Today in Istanbul, at the CNR Expo exhibition center, the 63rd Aymod international exhibition of shoes, bags and accessories, the largest b2b platform in Turkey, opened.
30.09.2020 134

Fashion Consulting Group predicts a radical reduction in turnover in the fashion retail market

According to Anush Gasparyan, Commercial Director of Fashion Consulting Group, as a result of the pandemic, the range of fall in the fashion market in Russia may range from 25% to 40%. This will largely depend on the situation in the second half of the year.
30.09.2020 262

Repetition of quarantine could be fatal for about 40% of Russian companies

According to a study by the Rabota.ru service, about 39% of Russian companies believe that they will not survive in the event of the introduction of repeated severe restrictive measures due to the spread of the coronavirus, - writes RBC.
29.09.2020 251

The New Fashion Industry Forum Beinopen will be held online in October

Forum of the new fashion industry Beinopen: about the future of the ecosystem of fashion, light industry and retail. This year, the event will be held entirely online for the first time.
29.09.2020 141

Vintage and futurism meet in the new Salvatore Ferragamo shoe collection

For the Italian luxury brand Salvatore Ferragamo's new Spring / Summer'21 collection, creative director Paul Edru drew inspiration from Alfred Hitchcock's thrilling films. And the most cinematic part of the collection is shoes, ...
29.09.2020 244
When you sign up, you will receive weekly news and articles about the shoe business on your e-mail.

To the beginning